An Ohio family of steel magnates is looking to flip one of its two units at Glass, a boutique South Beach condo building completed about two years ago, for $12.9 million.

Records show Majestic Steel Properties Inc. paid nearly $7.9 million for the 3,374-square-foot, full-floor condo in 2015. The company is owned by Dennis Leebow, founder of wholesale steel supplier Majestic Steel, and his son Matthew Lebow, head of acquisition and development.

The owners just hired Douglas Elliman’s Eloy Carmenate and Mick Duchon to list the three-bedroom unit on the 12th floor of Glass, at 120 Ocean Drive, Carmenate told The Real Deal. SoJo Design handled the interiors for the unit, which features wraparound terraces, Gaggenau kitchen appliances, white oak flooring and custom Ornare closets. The asking price breaks down to about $3,800 per square foot.

The $12.9 million price tag marks a 64 percent increase from its previous sale. Realtor.com shows only one other condo for sale in the 10-unit, 18-story building, which is unit 900, asking $9.5 million or $2,800 per square foot.

Terra Group developed the boutique project and hired Rene Gonzalez to design it. The South-of-Fifth development includes a gym and pool, access to a private beach club, housekeeping and valet. Carmenate handled preconstruction sales for Glass, which he said exceeded $100 million. Owners include Jason Derulo, who recently bought a unit in the building, Carmenate said.

Majestic Steel Properties bought the 12th floor unit along with unit 1100 for an additional $7.3 million. The Lebows, who haven’t lived in either condo, plan to keep 1100, according to Carmenate. Earlier this year, Brown Harris Stevens Miami LLC sued Majestic Steel Properties for allegedly failing to pay the commission on a failed sale of one of the two Glass units. The Lebows’ company kept the $1.2 million deposit without paying Brown Harris Stevens its $540,000 cut, according to the suit.

Carmenate declined to comment on the suit. Court records show a hearing is set for Friday.

]]>https://steveaddison461.wordpress.com/2017/04/04/ohio-steel-family-wants-to-flip-glass-south-beach-unit-for-13m/feed/0steveaddison461Miamians spend up to 58% of income on rent in minority neighborhoods: reporthttps://steveaddison461.wordpress.com/2017/03/31/miamians-spend-up-to-58-of-income-on-rent-in-minority-neighborhoods-report/
https://steveaddison461.wordpress.com/2017/03/31/miamians-spend-up-to-58-of-income-on-rent-in-minority-neighborhoods-report/#respondFri, 31 Mar 2017 22:31:22 +0000http://steveaddison461.wordpress.com/?p=3080]]>

Aerial view of Miami

In Miami, residents can expect to spend more of their paychecks on rent if they live in a mostly black or Hispanic neighborhood than if they live in a predominantly white neighborhood, according to a new report.

The share of income needed to pay rent in black communities in Miami is 58.2 percent, higher than the national average of 43.7 percent. In Miami’s predominantly Hispanic neighborhoods, it’s 55.1 percent, also higher than the national average of 48.1 percent.

In Miami’s white neighborhoods, residents will spend about 41.7 percent of their paychecks on rent, the Zillow report found.

The general rule of thumb is that people should spend about a third of their incomes on housing, which they do on average in the U.S.

In Los Angeles, Zillow found that renters should expect to shell out 50 percent of the incomes on housing in white areas, 63 percent in Hispanic neighborhoods and nearly 64 percent in black communities. Rental affordability has been on the decline since 2011 and has worsened in minority neighborhoods, according to Zillow.

And in Miami-Dade, minorities are the majority. Non-hispanic white residents make up only 15.4 percent of the county’s makeup, according to the 2010 census. Hispanic/Latinos represent 65 percent, while the black population makes up about 17.1 percent of Miami-Dade’s residents.

Affordable and workforce housing is a big problem in South Florida. The Urban Institute recently released a report that found the number of single-family homes in Wynwood that were rented by low- to middle-income households dropped from 38 percent to 20 percent between 2000 and 2015.

The report also found that a majority of Miami’s low- to middle-income households are located in downtown Miami, West Flagler, Flagami, Allapattah and Little Havana, but residents in areas like Coconut Grove, the Upper Eastside and Edgewater were economically more successful.

UPDATED March 28 9 p.m. The No. 2 men’s tennis player in the world, Novak Djokovic, will pay up to $8.9 million for a unit at Terra Group’s Eighty Seven Park in North Beach, a spokesperson told The Real Deal.

Djokovic’s purchase of a unit at the Renzo Piano-designed building was announced in January without a price. Terra, Bizzi & Partners and New Valley are developing the 70-unit, 20-story beachfront tower at 8701 Collins Avenue. A spokesperson told The Real Deal the price was $8.9 million, but later said she spoke incorrectly and the price is up to $8.9 million.

Djokovic, who just withdrew from the Miami Open due to an elbow injury, will pick up a three-bedroom, three-and-a-half-bathroom unit at Eighty Seven Park when it’s completed. The range of prices for three-bedroom units is $4.3 million to $8.9 million. Wall Street Journal first reported the sale earlier this year.

Douglas Elliman is handling sales for the North Beach tower. Units will range in size from 1,400 square feet to 7,000 square feet, and prices from $1.6 million to $45 million for the penthouse. Rena Dumas Architecture Intérieure and WEST 8 Urban Design & Landscape Architecture are also working on the project design.

Terra President David Martin purchased the property, which was the site of the former Howard Johnson Dezerland Hotel, from Sunny Isles developer Michael Dezer for $65 million in 2013 and knocked it down in 2015.

Baywood Hotels closed on a $15.4 million construction loan for a hotel it’s building near the Trump National Doral Miami resort, property records show.

Baywood affiliate 36th Street Hospitality LLC just closed on the land and construction financing for the property at 8001 Northwest 36th Street in Doral. Gibralter Private Bank & Trust is the lender. The hospitality development and management firm also broke ground on the project, a 133-room Fairfield Inn & Suites by Marriott.

Vareka Investments N.V., an offshore entity based in the Lesser Antille island country of Curacao, sold a portion of the property to Baywood for an undisclosed amount. Diego Ribadeneira, reportedly an early investor of Bain Capital, manages the company and signed the deed transfer of ownership.

Baywood, which is based in Greenbelt, Maryland with an office in Miami, has been active in Miami-Dade. The company owns and operates a portfolio valued at more than $800 million, according to its website. In South Florida, its properties include the Fairfield Inn & Suites near Miami International Airport, the Hilton Garden Inn Miami South Beach-Royal Polo and the Residence Inn Miami Airport West/Doral, which is less than two miles away from the Fairfield site in Doral.

In February of last year, Baywood sold the Holiday Inn Doral and the adjacent Staybridge Suites Miami for $36 million. The firm picked up the long vacant Keys Bay Colony Resort in Marathon from the Peebles Corporation for $10.5 million in 2015.

]]>https://steveaddison461.wordpress.com/2017/03/27/baywood-hotels-breaks-ground-on-hotel-near-trump-doral-with-15m-loan/feed/0steveaddison461Here are the most expensive homes in the most expensive towns in Americahttps://steveaddison461.wordpress.com/2017/03/27/here-are-the-most-expensive-homes-in-the-most-expensive-towns-in-america/
https://steveaddison461.wordpress.com/2017/03/27/here-are-the-most-expensive-homes-in-the-most-expensive-towns-in-america/#respondMon, 27 Mar 2017 22:20:24 +0000http://steveaddison461.wordpress.com/?p=3072]]>

From LLNYC: Where do the richest people in America live? We found the most expensive listings in the 10 most expensive towns – the big fishes in a big ponds. [more]

From the New York website: Deutsche Bank still hasn’t reached a deal to remove Donald Trump’s personal guarantees from around $300 million in real estate loans, more than three months after talks between the German lender and Trump’s associates were first reported.

With the guarantees still in place, the U.S. faces the unusual prospect of a foreign financial association going after a sitting U.S. president’s assets if he were to default.

Bloomberg reported that the bank’s senior executives have now taken over the matter from loan officers to determine its potential ramifications. If the bank simply removed the guarantees, it could be seen as being too soft on the president. If it asked for higher interest rates in return, it could anger the most powerful man in the world.

In 2012, Trump took out $125 million in loans from Deutsche Bank’s private banking group to finance his Trump National Doral Miami golf resort. According to filings with the federal election commission, the loan carries an interest rate of 1.75 percentage points over Libor.

In 2015, he borrowed another $170 million to fund the conversion of an old post office in Washington, D.C., into a hotel near the White House. Deutsche Bank also issued a loan against the Trump International tower in Chicago.

Trump’s Justice Department is currently investigating the Frankfurt-based lender on claims that it helped wealthy Russians move money under dubious circumstances, raising the specter of a conflict of interest.

Miami-based Lennar will build 180 homes at Babcock Ranch, a master-planned development near Fort Myers that will run mainly on solar power.

Lennar plans to build twin-villa homes priced at about $180,000 and single-family homes with prices starting in the $220,000s.

The twin-villa homes will be 1,417 square feet to 1,564 square feet in size, and they will have two or three bedrooms and two-car garages. The interiors will feature granite counter tops, wood cabinets, and stainless steel General Electric appliances.

Florida Power & Light is building a 443-acre photovoltaic power plant on the grounds of Babcock Ranch, which is expected to grow to 19,500 households and a population of 50,000 residents.

Palm Beach Gardens-based Kitson & Partners, led by developer Sydney Kitson, began site preparation work in November.

Kitson & Partners bought a 91,000-acre ranch in Lee County from the Babcock family in 2006 and subsequently sold 73,000 acres to the state as a natural preserve, retaining 18,000 acres for the Babcock Ranch development, which was slowed by the housing market downturn in the late 2000s.

Miami-Dade County home and condo sales fell by 10 percent in February, marking one of the biggest declines in recent months. Broward also saw a decline in sales – including a 16 percent drop in single-family home sales – while Palm Beach County reported a year-over-year increase, according to the associations of Realtors.

Home prices, which are rising nationwide, were up in all three counties in February.

Miami-Dade

Residential sales in Miami-Dade fell 10 percent in February compared to the same month of the previous year. The county recorded 881 single-family home sales last month, down 10 percent from 979 in February of last year. Condo sales also continued falling, by 10 percent, to 954 last month from 1,060 in February of last year.

Residential properties sold last month totaled $834.1 million, a 1.5 percent increase from the $821.5 million recorded in February 2016, according to the Miami Association of Realtors.

Single-family home prices keep rising in Miami-Dade, increasing by 18.8 percent to $321,000 last month from $270,221 in February 2016. February marks the 63rd consecutive month that prices for single-family homes have increased. Condo prices also jumped year-over-year by 6.3 percent, to $220,000 from $206,950.

Meanwhile, the supply of single-family homes decreased slightly, to 6,489 last month from 6,558 listings last February. The county ‘s supply of condos rose, however, by 10 percent to 15,289 from 13,852 listings during the same period in 2016. And that number is likely to grow as more buildings are delivered, experts say.

Properties priced between $250,000 and $600,000 continued to fare much better than other sectors of Miami-Dade’s residential market. In February, mid-market home sales jumped 10.5 percent. That range of home sales represented more than a quarter of all home sales in the county.

Broward

Single-family home sales declined by nearly 16 percent in Broward County, while condo sales actually saw a slight year-over-year increase. Residential prices rose across the board in Broward.

In Broward, 988 houses sold in February compared to 1,175 during the same month last year. Condo sales were up by 1.8 percent, to 1,171 from 1,150. The good news in Broward is that inventory is down across the board: active listings for single-family homes are down 8 percent and condos are down 7.2 percent year-over-year.

The Greater Fort Lauderdale Realtors said that Broward has 3.9 months of supply of single-family homes, and 6.4 months of supply of condos and townhomes.

Palm Beach

Residential sales in Palm Beach County increased by 1.2 percent to 1,160, according to the Realtors Association of the Palm Beaches. Inventory increased by 8 percent for single-family homes. That puts the county’s supply of houses on the market at 5.4 months.

The median sales price for single-family homes increased by 6.8 percent to $315,000 in February, compared to February of 2016.

The association did not provide overall home price statistics for Palm Beach County.

Overall, the share of distressed sales, which includes short sales and bank-owned properties, continued to fall in South Florida, reflecting a nationwide trend.